Boardroom prepared for a transaction meeting

Advisory

Advicefromahousethatalsotakestherisk

Owners of commodity assets rarely need a generalist. Our advisory practice works exclusively in energy and metals – and is informed by the fact that we trade, finance and own the same kinds of assets we are asked to advise on.

Buy-sideSell-sideCarve-outsOfftakeValuationBuy-sideSell-sideCarve-outsOfftakeValuation

Mandates

Whatweareengagedtodo

Sell-side M&A

Preparation, buyer selection and negotiation for owners of producing assets, licences, terminals and trading businesses.

Buy-side M&A

Origination, technical and commercial diligence, and structuring for investors entering energy or metals.

Capital raising

Debt, structured and equity capital raised against assets and flows we can value ourselves.

Strategic reviews

Independent assessment of a commodity asset or book: what it earns, what it risks, what it is worth to a realistic buyer.

Process

Fourstages,notheatre

We take few mandates and finish the ones we take. Every stage below is run by the same people who price cargoes and underwrite facilities, which is why our assumptions tend to survive a buyer's diligence.

01Mandate screenWe look at the asset, the counterparty and the sanctions picture before we discuss fees. If we cannot see a credible outcome, we say so and decline.
02Commercial diligenceOur own desks price the output and model the logistics. Volumes, netbacks and offtake assumptions are tested against traded markets, not broker decks.
03Structure and processA short list of qualified counterparties, a documented process and a structure the buyer's credit committee can actually approve.
04To signing and beyondNegotiation support through to completion, and where appropriate an offtake, a finance facility or our own capital alongside the buyer.

Who we work with

Threekindsofclient

Founders and family owners

Selling once, and needing the process handled discreetly and correctly.

Corporates divesting

Non-core fields, mines, terminals or trading books that need a credible, sector-literate buyer list.

Investors entering the sector

Funds and industrial groups that need an operator's read on commodity risk before they commit.

Adjacent capabilities

Capital & Trade FinanceWhere a transaction needs funding rather than a buyer: prepayment, borrowing base and offtake-backed credit.Assets & InfrastructureWhere we invest ourselves: fields, mines, storage and terminals held through the cycle.

Tell us the asset, the timetable and who else is at the table.

Speak with the advisory team